(a) There is created in the Treasury of the Virgin Islands a Horse Racing Improvement Fund consisting of such monies as may be appropriated thereto, from time to time, all receipts collected from horse racing not otherwise specifically directed to be deposited in another fund, except the General Fund, and five percent (5%) of all revenues from gate receipts, concessions and parking fees. The five percent (5%) of gate receipts, concessions and parking fees shall be due and payable to the Commissioner of Finance for deposit into the Fund at the time the gross receipts tax on performances is paid pursuant to section 47 of this title.
(b) Within the Fund created by subsection (a) of this section shall be kept separate the receipts and expenditures for the Islands of St. Croix and St. Thomas and St. John. The Commissioner of Finance shall disburse monies from the receipts and appropriations for the Island of St. Croix upon the authorization of the St. Croix Racing Commission and from the receipts and appropriations for the Islands of St. Thomas and St. John upon the authorization of the St. Thomas-St. John Racing Commission. The Commissioner of Finance shall advise the respective Commissions of their balances on a quarterly basis.
(c) Monies deposited in the Horse Racing Improvement Fund may be spent on improvements to and maintenance of horse racing within the Virgin Islands, and for operations of the Racing Commissions.